Annually, unit prices are down 4.9 percent, the latest Domain State of the Market Report calculates.
Domain Group chief economist Andrew Wilson not at 3.1 percent annual house price growth is still positive, but this is the slowest growth rate recorded since 2013.
The drop of 5.5 per cent is the steepest fall in unit prices since the December 2000 quarter – and is predicted to continue as supply continues to outweigh demand.
In the Greater Brisbane area, which includes the local government areas of Moreton Bay, Ipswich, Redland City and Logan, house prices fell 0.1 per cent
|Region||Median price||Quarter change||Year change|
|Moreton Bay (C)||$445,000||1.4%||-1.1%|
House prices in Ipswich, Moreton Bay and Redland City have all recorded drops, while Logan’s house prices are flat.
Brisbane as a city has performed slightly better, recording a 1.2 per cent rise in house prices. The median is now $657,500.
CoreLogic is not tracking the same decline.
Brisbane has the third highest 12 month home value growth among the capitals, according to CoreLogic’s latest report.
The property data firm says that in the past 12 months Brisbane’s home value has risen by 4%
The property data firm says that a rise in house values compensates a fall in unit values takes Brisbane’s annual growth rate into 2% in the June quarter.
Melbourne and Sydney take the top two spots with a home value growth of 16% and 13% respectively.
The Brisbane housing market reported another modest result for house price growth over the September quarter. Its median house price increased by just 0.8% to $497,143 with annual prices up by 3.6%. With the market remaining largely subdued, it is likely that Brisbane house price growth this year will be well below the 6.5% recorded over 2014.
Brisbane unit prices fell by 0.6%over the September quarter to $362,737, a drop year-on-year of 5.6%.
“This was the fifth consecutive quarter of falling unit prices in Brisbane. With high levels of new apartment construction entering the market over the past year, supply has pushed well ahead of demand.”
Domain is back with its “Australia’s number one property app” adverts, but it’s taken five months for the property site to fire back, following a battle with News Corp which ended in Federal Court action.